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The Client managed a defined benefit retirement program for its workforce, and although they had a positive relationship with their previous administrator, several ongoing concerns were increasing the workload for their benefits team.
Concerns included calculation errors, limited support for annual roll-ups and payroll transfer changes, and slow response times. Their symptoms were the result of a breakdown in their administrator's processes, which opened the door to substantial risks for the organization.
Recognizing that the breakdowns with their current administrator were systemic, the Client chose to look at other options for a long-term solution. They wanted a partner that could provide reliable administration while adapting to the way their organization operated, not forcing them into a one-size-fits-all solution.
October Three partnered closely with the Client to deliver a solution tailored to their specific needs. Rather than asking the client to change its processes, the implementation team worked to support existing workflows and accommodate custom requirements.
Key elements of the solution included:
Flexible administration designed around the client's operational needs.
Online beneficiary designation capabilities.
Customized reporting and participant communications.
A modern technology platform that provided an intuitive user experience.
Responsive service throughout the evaluation, implementation, and ongoing administration process.
Deep defined benefit expertise, including proactive recommendations and guidance that gave the client confidence throughout the transition.
The implementation was collaborative from the beginning, with an emphasis on transparency, responsiveness, and trust.
Since transitioning to October Three, the client has seen meaningful improvements in both service and day-to-day plan administration.
Highlights include:
Consistently fast, responsive support for questions and administrative requests.
Streamlined contribution and interest reporting.
Online retirement processing that improves the participant experience.
A strong working relationship between the administration team and the plan's actuary, contributing to a smooth initial valuation data exchange.
Greater confidence that the retirement program is supported by a partner with specialized defined benefit expertise.
Most importantly, the client continues to cite responsiveness as one of the greatest benefits of the partnership, reinforcing that the level of service experienced during the selection process has continued long after implementation.
Upgrading Your Plan Administration
If your organization is running into similar challenges, or you're looking for a platform built for Defined Benefit plans, October Three can help. Click below to learn more about our plan administration solutions.